Compass
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Regional Vice President of Sales The Retirement Plan Company
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Bates & Company, Inc.
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AimPoint Pension
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Loan & Distribution Specialist AimPoint Pension
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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How an Indirect Retirement Account Rollover Can Go Wrong and How to Avoid It
Financial Finesse Sept. 12, 2018
"[An individual received] a full distribution from her traditional IRA because the mutual fund it was invested in had been closed by the fund company.... [T]he fund company withheld 10% for federal income taxes.... To avoid taxes and penalties on the amount withheld, she will need to come up with that 10% amount to make the indirect rollover a complete rollover. Otherwise, she will incur taxes and penalties for the amount withheld that won't get into the new IRA within the 60 day deadline."
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